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WorksheetsEconomics
Total questions: 57
Worksheet time: 2hrs 33mins
Name
Class
Date
1.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
2.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
3.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
4.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
5.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
6.
A person who uses and buys goods and services
a)
money
b)
producer
c)
consumer
d)
economics
7.
A person who makes goods or provides a service
a)
goods
b)
service producer
c)
producer
d)
consumer
8.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
9.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
10.
Things that were not made by humans and are found in nature
a)
natural resources
b)
human resources
c)
capital resources
d)
services
11.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
12.
Which of these is a want?
a)
Legos
b)
air
c)
water
d)
food
13.
A crew of men are hired to paint a new house. They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
14.
Who buys goods or services?
a)
Producers
b)
consumers
15.
What does a buyer exchange for goods and services?
a)
money
b)
books
c)
food
16.
People who make goods and supply services
a)
consumer
b)
server
c)
producer
17.
the desire, willingness and ability to buy a product
a)
demand
b)
supply
c)
schedule
d)
none of them
18.
a product that can be used in place of another product
a)
all of them
b)
inelasticity
c)
elasticity
d)
substitute
19.
What is the name of this coin?
a)
Quarter
b)
Dime
c)
Nickel
d)
Penny
20.
What is the name of this coin?
a)
Dime
b)
Quarter
c)
Penny
d)
Nickel
21.
What is the name of this coin?
a)
Penny
b)
Nickel
c)
Dime
d)
Quarter
22.
What is the name of this coin?
a)
Nickel
b)
Penny
c)
Quarter
d)
Dime
23.
The oldest form of money in the WORLD is
a)
stones
b)
seashells
c)
cattle
d)
seeds
24.
The oldest form of money in the United States is
a)
iron
b)
animal skin
c)
tea
d)
gold
25.
Why is money green?
a)
It's difficult to counterfeit
b)
It's the cheapest dye to use
c)
It's Christopher Columbus' favorite color
d)
It comes from the leaves on the trees
26.
Who owns our money?
a)
we, the people
b)
legal citizens
c)
the President
d)
our government
27.
to exchange goods or services without using money
a)
barter
b)
counterfeit
c)
denomination
d)
hologram
28.
special types of images that look three dimensional
a)
holograms
b)
encoded
c)
durable
d)
cash
29.
What is the price at which stock is bought and sold?
a)
Par Value
b)
Stated value
c)
Authorized value
d)
Market value
30.
It is free to buy stocks
a)
True
b)
False
31.
People who own stocks are guaranteed a return on the money they have invested in stocks.
a)
TRUE
b)
FALSE
32.
Stocks represent ownership in a corporation.
a)
TRUE
b)
FALSE
33.
One way stockholders make money is by selling their stock for more money than they paid for it.
a)
TRUE
b)
FALSE
34.
Stockholders can reduce the risk on their stock investment by diversifying their portfolios.
a)
TRUE
b)
FALSE
35.
What is scarcity?
a)
Having too many resources
b)
Not having enough resources
36.
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
a)
muffins
b)
cookies
37.
The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?
a)
vacation
b)
swimming pool
38.
Not all economic choices have an opportunity cost.
a)
True
b)
False
39.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
40.
When the demand for a product or service is higher than the supply this causes what?
a)
shortage
b)
consumer
c)
surplus
d)
equilibrium
41.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
42.
When there is a shortage the price will usually?
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
43.
In economics these concepts are called?
a)
rise and fall
b)
supply & demand
c)
customers and products
d)
surplus and shortage
44.
The money needed to begin a business (buy raw materials and equipment) is called _____.
a)
profit
b)
capital
c)
interest
d)
collateral
45.
This is a person who begins his or her own business.
a)
•Entrepreneur
b)
•Boss
c)
•Investor
d)
•Capitalist
46.
The possibility of losing some or all of a particiular investment.
a)
risk
b)
index
c)
industry
d)
profit
47.
A company that sells stock on the stock market.
a)
private company
b)
market capitalization
c)
public company
d)
stock market
48.
What is the stock market?
a)
A type of farmers market where people buy and sell food.
b)
A place where parts of businesses are bought and sold.
c)
A special type of grocery store that sells stocks.
d)
A type of bank that gives out loans to new businesses.
49.
Over the course of the day, the head of Apple's company is imprisoned for not paying his taxes. What do you think will happen to Apple's stock?
a)
It will go up.
b)
It will go down.
50.
Apple is releasing a new iPhone that is predicted to change the cell phone world. Millions of people have pre-ordered it. What do you think will happen to their stock?
a)
It is likely to go up.
b)
It is likely to go down.
51.
Why would a company need to issue stock?
a)
To increase its' customer base.
b)
To raise money.
c)
To stop the government from regulating it.
d)
To show customers that it's successful.
52.
When the stock market does well for a long time, it is called a _______ market.
a)
bear
b)
bull
c)
fish
d)
horse
53.
When the market consistently doesn't do well for a long period of time, it is called a ________ market.
a)
bull
b)
bear
c)
fish
d)
horse
54.
An entrepreneur must know...
a)
Only the parts of the business they like
b)
No parts of the business management
c)
all parts of business: finance, marketing, etc.
55.
An entrepreneur must be...
a)
disorganized
b)
organized
c)
lazy
56.
An entrepreneur is someone
a)
Someone who works for a new business
b)
Someone who starts a new business
c)
Someone who takes over an existing business
d)
Someone who does not want to work
57.
A document that conveys your organization’s prospects and growth potential.
a)
business plan
b)
marketing strategy
c)
SWOT
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